In this technical blog, we will look at the past performance of the 1-hour Elliott Wave Charts of NZDJPY. In which, the rally from 11 November 2022 low is unfolding as an ending diagonal structure and showed a higher high sequence. Therefore, we knew that the structure in NZDJPY is incomplete to the upside & should see more upside. So, we advised members not to sell it but to buy the dip in 3, 7, or 11 swings at the extreme areas. We will explain the structure & forecast below:
NZDJPY 1-Hour Elliott Wave Chart
Here’s the Elliott wave Chart from the 12/14/2022 London update. In which, the rally to 88.16 high ended the cycle from the 29 November 2022 low as a diagonal wave 3 & made a pullback in wave 4. The internals of that pullback unfolded as Elliott wave double three structure where wave ((w)) ended at 87.28 low. Then a bounce to 87.91 high ended wave ((x)) & started the next leg lower in wave ((y)) towards 87.02- 86.49 equal legs area. From there, buyers were expected to appear looking for new highs ideally or for a 3 wave bounce minimum.
NZDJPY Latest 1-Hour Elliott Wave Chart
Above is the latest Elliott wave Chart from the 12/15/2022 London update. In which the pair is showing a reaction higher taking place from the equal legs area. Right after ending the double correction. Allowed members to create a risk-free position with the minimum reaction higher towards 50%- 61.8% Fibonacci retracement from the peak at 87.46- 87.63 area. However, a break above 88.16 high is still needed to confirm the next extension higher & avoid a double correction lower.
Source: https://elliottwave-forecast.com/forex/nzdjpy-found-support-equal-legs-area-reacted-higher/